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Business Owner Insurance

What is business owner insurance?

Business owners insurance, also known as a business owners policy (or BOP), is a group of insurance coverage that protect small businesses against various work related risks.

What does a business owners policy cover?

Insurance companies selling business insurance offer policies that combine protection from all major property and liability risks in one package. (They also sell coverages separately.) One package purchased by small and mid-sized businesses is the business owners policy (BOP). Package policies are created for businesses that generally face the same kind and degree of risk. Larger companies might purchase a commercial package policy or customize their policies to meet the special risks they face.

BOPs include:

  1. Property insurance for buildings and contents owned by the company — there are two different forms, standard and special, which provides more comprehensive coverage.
  2. Business interruption insurance, which covers the loss of income resulting from a fire or other catastrophe that disrupts the operation of the business. It can also include the extra expense of operating out of a temporary location.
  3. Liability protection, which covers your company’s legal responsibility for the harm it may cause to others. This harm is a result of things that you and your employees do or fail to do in your business operations that may cause bodily injury or property damage due to defective products, faulty installations and errors in services provided.

BOPs do NOT cover professional liability, auto insurance, worker’s compensation or health and disability insurance. You’ll need separate insurance policies to cover professional services, vehicles and your employees.

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Monday 9:00a - 5:00p
Tuesday 9:00a - 5:00p
Wednesday 9:00a - 5:00p
Thursday 9:00a - 5:00p
Friday 9:00a - 3:00p

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Piedmont Insurance Associates 18805 W Catawba Avenue Suite 100
Cornelius, NC 28031
(704) 987-3901
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